Greenwich Wealth Management LLC lessened its position in shares of Freeport-McMoRan Inc (NYSE:FCX) by 0.8% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 316,830 shares of the natural resource company’s stock after selling 2,487 shares during the period. Greenwich Wealth Management LLC’s holdings in Freeport-McMoRan were worth $3,678,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in FCX. Guild Investment Management Inc. acquired a new position in shares of Freeport-McMoRan during the second quarter valued at about $971,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its holdings in shares of Freeport-McMoRan by 28.2% in the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 239,980 shares of the natural resource company’s stock valued at $2,786,000 after purchasing an additional 52,719 shares in the last quarter. Public Employees Retirement Association of Colorado grew its holdings in shares of Freeport-McMoRan by 1.4% in the second quarter. Public Employees Retirement Association of Colorado now owns 263,375 shares of the natural resource company’s stock valued at $3,058,000 after purchasing an additional 3,644 shares in the last quarter. Koshinski Asset Management Inc. grew its holdings in shares of Freeport-McMoRan by 15.9% in the second quarter. Koshinski Asset Management Inc. now owns 15,611 shares of the natural resource company’s stock valued at $181,000 after purchasing an additional 2,147 shares in the last quarter. Finally, Sigma Planning Corp grew its holdings in shares of Freeport-McMoRan by 9.1% in the first quarter. Sigma Planning Corp now owns 13,289 shares of the natural resource company’s stock valued at $171,000 after purchasing an additional 1,106 shares in the last quarter. 72.71% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE FCX traded up $0.32 during midday trading on Thursday, hitting $10.40. 619,138 shares of the company’s stock were exchanged, compared to its average volume of 20,630,805. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.66 and a quick ratio of 1.32. Freeport-McMoRan Inc has a twelve month low of $8.58 and a twelve month high of $14.90. The company has a market cap of $14.59 billion, a PE ratio of 6.84 and a beta of 2.42. The firm’s fifty day simple moving average is $9.81 and its 200-day simple moving average is $11.32.
FCX has been the subject of a number of recent research reports. Royal Bank of Canada raised shares of Freeport-McMoRan from an “underperform” rating to a “sector perform” rating and raised their target price for the company from $12.00 to $14.00 in a report on Wednesday, July 24th. Barclays upgraded Freeport-McMoRan from an “underweight” rating to an “equal weight” rating and set a $12.00 price target for the company in a report on Tuesday, July 16th. UBS Group set a $13.00 target price on Freeport-McMoRan and gave the company a “hold” rating in a report on Wednesday, June 26th. JPMorgan Chase & Co. lowered their target price on Freeport-McMoRan from $15.00 to $13.00 and set a “neutral” rating for the company in a report on Tuesday, July 9th. Finally, ValuEngine upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Thursday, September 5th. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Freeport-McMoRan presently has a consensus rating of “Hold” and an average target price of $13.79.
Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.
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